Exhibit 99.2
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NEWS RELEASE
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Allegheny Technologies Incorporated
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Contact: |
Corporate Headquarters
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Dan L. Greenfield |
1000 Six PPG Place
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412-394-3004 |
Pittsburgh, PA 15222-5479 |
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U.S.A. |
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www.alleghenytechnologies.com |
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Allegheny Technologies Announces Completion of Senior Notes Offering and
Amendment to Unsecured Credit Facility
Pittsburgh, PA, June 2, 2009 Allegheny Technologies Incorporated (NYSE:ATI) announced today that
it has completed its previously announced public offering of convertible notes due 2014. The
offering was made pursuant to the Companys shelf registration statement filed with the Securities
and Exchange Commission.
In the offering, ATI issued and sold $402,500,000 aggregate principal amount of 4.25% Convertible
Senior Notes due 2014 (the Convertible Notes), including $52,500,000 aggregate principal amount
of Convertible Notes sold pursuant to an option granted to the underwriters of the offering of
Convertible Notes to purchase up to an additional $52,500,000 aggregate principal amount of
Convertible Notes to cover over-allotments, which was exercised in full. ATI intends to use the net
proceeds from the offering of Convertible Notes to manage its liabilities and other obligations,
such as by making voluntary contributions to its defined benefit pension trust and contributions to
trusts established to fund retiree medical benefits, and the balance for general corporate
purposes.
J.P. Morgan Securities Inc. and Citi were the joint book-running managers for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of any Convertible Notes in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. A registration statement relating to the Convertible Notes has been
filed with the Securities and Exchange Commission.
Copies of the prospectus and prospectus supplement meeting the requirements of Section 10 of the
Securities Act of 1933, as amended, may be obtained from J.P. Morgan Securities Inc., National
Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, New York
11245 or by telephone at 718 242-8002 and at www.sec.gov.
This news release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Certain statements in this news release relate to future
events and expectations and, as such, constitute forward-looking statements. Forward-looking
statements include those containing such words as anticipates, believes, estimates,
expects, would, should, will, will likely result, forecast, outlook, projects, and
similar expressions. Forward-looking statements are based on managements current expectations and
include known and unknown risks, uncertainties and other factors, many of which we are unable to
predict or control, that may cause our actual results, performance or achievements to materially
differ from those expressed or implied in the forward-looking statements. Important factors that
could cause actual results to differ materially from those in the forward-looking statements
include: (a) material adverse changes in economic or industry conditions generally, including
credit market conditions and related issues, and global supply and demand conditions and prices for
our specialty metals; (b) material adverse changes in the markets we serve, including the aerospace
and defense, construction and mining, automotive, electrical energy, chemical process industry, oil
and gas, medical and other markets; (c) our inability to achieve the level of cost savings,
productivity improvements, synergies, growth or other benefits anticipated by management, including
those anticipated from strategic investments and the integration of acquired businesses, whether
due to significant increases in energy, raw materials or employee benefits costs, the possibility
of project cost overruns or unanticipated costs and expenses, or other factors; (d) volatility of
prices and availability of supply of the raw materials that are critical to the manufacture of our
products; (e) declines in the value of our defined benefit pension plan assets or unfavorable
changes in laws or regulations that govern pension plan funding; (f) significant legal proceedings
or investigations adverse to us; (g) other risk factors summarized in our Annual Report on Form
10-K for the year ended December 31, 2008, and in other reports filed with the Securities and
Exchange Commission. We assume no duty to update our forward-looking statements.
Building the Worlds Best Specialty Metals Company
Allegheny Technologies Incorporated is one of the largest and most diversified specialty metals
producers in the world with revenues of $5.3 billion during 2008. ATI has approximately 9,600
full-time employees world-wide who use innovative technologies to offer global markets a wide range
of specialty metals solutions. Our major markets are aerospace and defense, chemical process
industry/oil and gas, electrical energy, medical, automotive, food equipment and appliance, machine
and cutting tools, and construction and mining. Our products include titanium and titanium alloys,
nickel-based alloys and superalloys, grain-oriented electrical steel, stainless and specialty
steels, zirconium, hafnium, and niobium, tungsten materials, and forgings and castings.
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